Module No.

3
Financial Services

Financial Services – Meaning, Objectives, Functions, Characteristics; Types of Financial

Services - Merchant Banking – Functions and Operations, Leasing, Mutual Funds, Venture
Capital & Credit Rating.

MEANING

Financial Services constitute one of the most significant components of the Financial System. Services
that are financial in nature are known as financial services. These services are given by banks, FIs,
Insurance companies and other intermediaries in the financial market. These cater to the needs of
individuals, companies as well as institutions. The efficiency of financial system is determined to quite
an extent on the quality of financial services.

DEFINITION

Financial services are the economic services provided by the finance industry, which encompasses a
broad range of businesses that manage money, including credit unions, banks, credit-card companies,
insurance companies, accountancy companies, consumer-finance companies, stock brokerages,
investment funds, individual ...ETC.

IN OTHER WORDS :-

The financial service industry is defined as, "The collection of organisations which intermediate and
facilitate financial transactions of individual and institutional investors from their resource allocation
activities through time".

OBJECTIVES OF FINANCIAL SERVICES

1. Mobilization of funds: Financial services help to raise funds from the individuals, companies
and institutions. Various financial instruments help to pool these funds as equities, bonds,
mutual funds.

2. Deployment of funds: Large number of financial services is available in the financial markets
which help in utilization of funds. Funds may be used for the purpose of rendering services as
factoring, credit rating, securitization, bill discounting etc. Financial services also help to decide
the financial mix.

3. Providing specialized need based services: But for traditional services like banking and
insurance, financial services include credit ratings, factoring, securitization, book building,
merchant banking housing finance etc. Specific institutions as banks, insurance companies.
stock exchanges, Non Banking Finance Companies etc. provide these services.

4. Regulation of services: These services are governed by the statutory bodies of the country
as Reserve Bank of India, Securities Exchange Board of India, Department of Banking and
Insurance of the Government of India with rules and legislations.

5. Economic development: Financial Services help in the economic growth of the country. These
mobilize the savings of vast population and channelize the same into proper productive
avenues. This leads to capital formation and increased GDP and growth of a country.

OR

BY: GOVIND D
BBA 4TH SEM
 1. Raises Fund: Financial services serve as an efficient tool for raising funds in an economy. It
provides various financial instruments to individuals, investors, corporations, and institutions
where they can invest their money thereby raising funds from them.

2. Promotes Savings: These services provide different types of convenient investment options
that can grow people’s savings. A mutual fund is one such good option where people can invest
and earn reasonable returns without much risk.

3. Deployment of Funds: Financial services enable the proper deployment of financial resources
into productive means. There are numerous investment avenues and instruments available in the
financial market where people can invest their funds for earning income.

4. Minimizes Risk: Risk minimization is an important role played by financial services. These
services help in diversifying the risk and protect people against damages by providing insurance
policies.

5. Economic Growth: Financial services help the government in attaining the overall growth of the
economy. The government can easily raise both short-term and long term funds for its various
needs. It helps in improving overall infrastructural facilities and employment opportunities in a
country.

FUNCTIONS OF FINANCIAL SERVICE

1. Enables payment system: Financial services have a key role in the proper movement of funds
among peoples. It enables peoples to successfully do their payments without any difficulty. Credit
cards, debit cards, bill of exchange, and cheque are such financial instruments which facilitate
financial transactions.

2. Proper Utilization of Funds: These intangible services help in efficient allocation of funds.
Financial services serve as a means through which peoples invest their ideal lying resources into
better investment plans for generating incomes.

3. Maintains Liquidity: Financial services helps in maintaining sufficient funds in an economy. It

links the one who is in need of funds and those who can supply funds as they have sufficient
savings. Various services like loans and credit cards enable people to acquire needed funds
easily.

4. Raises Standard of living: These services play a crucial role in improving the living standards
of people. Customers are easily able to purchase costly goods on hire purchase system availing
these services. People are able to enjoy the benefits of quality and luxury items.

5. Promotes trade: Financial services promote both domestic and foreign trade in a country.
Forfaiting and factoring companies in the financial market promote the export of goods to foreign
markets and also the sales of products in the domestic market. In addition to this insurance and
banking facilities also support trade activities in-country.

6. Improve Employment Opportunities: Generation of employment opportunities is another

important function of financial services. Different financial institutions employ a large number of
peoples for selling these services. They pay remunerations to their employees out of the profit
earned by selling these financial services.

7. Balanced Regional Development: Financial services helps in the balanced regional

development of the country. All the key sectors of the economy such as the primary sector,
secondary sector, and tertiary sector are able to acquire the required funds through these
services. This results in regional disparities and brings balanced development in a country.

BY: GOVIND D
BBA 4TH SEM
CHARACTERISTICS OF FINANCIAL SERVICE

1. Intangibility: Financial services are intangible. Therefore, they cannot be standardized or

reproduced in the same form. The institutions supplying the financial services should have a better
image and confidence of the customers. Otherwise, they may not succeed. They have to focus on
quality and innovation of their services. Then only they can build credibility and gain the trust of the
customers.

2. Inseparability: Both production and supply of financial services have to be performed

simultaneously. Hence, there should be perfect understanding between the financial service
institutions and its customers.

3. Perishability: Like other services, financial services also require a match between demand and
supply. Services cannot be stored. They have to be supplied when customers need them.

4. Variability: In order to cater a variety of financial and related needs of different customers in
different areas, financial service organisations have to offer a wide range of products and services.
This means the financial services have to be tailor-made to the requirements of customers. The
service institutions differentiate their services to develop their individual identity.

5. Dominance of human element: Financial services are dominated by human element. Thus,
financial services are labour intensive. It requires competent and skilled personnel to market the
quality financial products.

6. Information based: Financial service industry is an information based industry. It involves creation,
dissemination and use of information. Information is an essential component in the production of
financial services.

FINANCIAL SERVICES: FEATURES

1. Intangible: Financial services are invisible in nature. Unlike a tangible financial product they do not
bear a form. They are dependent on the innovativeness, attractiveness and quality of the supplier.

2. Inseparable: Financial services cannot be separated from the supplier. Eg: credit ratings have to
be obtained from the credit rating agencies only.

3. Customer focused: Financial services are rendered as per the need of the customer. These have
to be tailor made to suit the requirements of individual customer.

4. Heterogeneous: Even if the financial product is the same, services have to be provided keeping
into mind the nature, type and geographical location of the receiver. Same set of services would
not serve the purpose of all.

5. Dynamic: The nature, quality and quantum of financial services change with the change in the
environment. For instance, services like factoring and securitization are of recent origin.

6. Personalized in Nature: In spite of high degree of computerization, delivery of financial services

require personal guidance and advise. Hence these are highly labor intensive.

7. Based on faith and trust: the credibility of suppliers is very important in financial services Client's
confidence and trust have to be won if mobilization of funds has to be done. 8 Information based:
Financial service industry as a whole deals with information dissemination. Information is an
essential component in the delivery of financial services.

BY: GOVIND D
BBA 4TH SEM
TYPES OF FINANCIAL SERVICE

IT CAN BE CATEGORIZED INTO TWO :

1. Assets/fund based services

2. Fee/non-fund based services.

1. Asset/ Fund based services: Fund based income come mainly from interest, lease rentals etc.
because these involve provision of funds against assets, bank deposits etc.
The following are the fund based services:

i. Lease financing: Lease financing is one of the important sources of medium- and long-term
financing where the owner of an asset gives another person, the right to use that asset against
periodical payments. The owner of the asset is known as lessor and the user is called lessee.
The periodical payment made by the lessee to the lessor is known as lease rental. Under lease
financing, lessee is given the right to use the asset but the ownership lies with the lessor and
at the end of the lease contract, the asset is returned to the lessor or an option is given to the
lessee either to purchase the asset or to renew the lease agreement.

ii. Hire purchase: Hire purchase is a method of providing finance for the purchase of fixed asset
to be acquired on future date. Under this method of financing, the cost price is paid gradually
in installments. Ownership of the asset purchased is transferred only after the payment of the
last installment, though the right to use emerges immediately.

The main features of hire purchase finance are:

• The hire purchaser does not become the owner of the asset till he pays the last installment.
• Each installment is deemed to be a hire charge for using the asset.
• Hire purchaser can use the asset when he makes an agreement with the hire vendor.
• The hire vendor reserves the right to repossess and take back the asset sold on hire purchase
in case the purchaser makes a default in the payment of the installments.

iii. Bill discounting: Discounting of bills is an attractive fund based financial service provided by
the finance companies. "Bill of Exchange is a written, unconditional order by one party (the
drawer) to another (the drawee) to pay a certain sum, either immediately (a sight bill) or on a
fixed date (a term bill), for payment of goods and/or services received". The drawee accepts
the bill by putting his signature on it. This way he rather converts it into a post-dated cheque
and enters into a binding contract. Discounting of bill is a very convenient and prominent form
of financing as the bank lends advance money without asking for any collateral security. The
development of bill discounting as a source of finance is dependent upon the availability of a
developed bill market. In order to facilitate this source of financing, the Central Bank of the
country, RBI, has now permitted banks to rediscount bill amongst themselves and with other
financial institutions. This would definitely expedite the process and make bill discounting an
even attractive tool of finance.

iv. Venture capital: Venture capital (VC) is the finance given to budding entrepreneurs who are
in early-stage or emerging stage of growth. The venture capital funds lend money against their
investment in companies' equity capital. It is perceived that these ventures have high potential
for future growth and that is the major reason as to why venture capitalist undertakes the risk
of providing money to the untried businessmen. The entrepreneurs favour it as their startup
projects do not have access to capital markets. It engulfs high risk for the investor, but it has
the ability of earning above- average returns.

v. Housing finance: Housing finance is the financial access that provides for the building and
construction of housing facilities. It refers to the finance that is used to make and maintain the
nation's housing stock. But it also includes the money that is needed to pay for it, in the form

BY: GOVIND D
BBA 4TH SEM
 of rents, mortgage loans and repayments. Till late 1970s the responsibility to provide for house
building rested with the Government of India. But, with the setting up of National Housing Bank
(NHB) by RBI in 1988, it became an important financial service. Till now a number of
specialised financial institutions in the public, private and joint sectors have entered in th field
of housing finance such as HDFC, LIC Housing Finance, Citi Home, Gujarat Ambuja etc. these
companies have designed suitable schemes for individuals, corporate and builders.

vi. Insurance services: It is a financial service that involves a commitment for compensation of
covered specific and unforeseen future losses in exchange for periodic payments called
insurance premium. It protects the financial health of an individual, a corporate or other entity
in the case of unanticipated losses. Some forms of insurance are compulsory under the
provision of law while others are optional. The contract between the insured and the insurer is
created after agreeing to the terms of the insurance contract. In most cases, the policy holder
pays part of the loss (called the deductible), and the insurer pays the rest. Motor insurance,
Medical and Health insurance, Accidental Insurance, Disability insurance, life insurance,
marine insurance and business insurance are some of the examples of insurance.

vii. Factoring: Factoring is a financial service in which a firm transfers and sells its accounts
receivable and invoices to a third party which is usually a financial institution or a financial
company, known as a "factor." This helps business to have access to liquid resources in terms
of cash more quickly. The pre payment made by the factor can range from 80% to as much as
95% depending upon various factors as the nature of industry, customers' creditworthiness
record, reputation and goodwill in the market etc. The factor also provides the allied services
of collection of receivables, maintenance of ledgers and cover for bad debts. The balance is
paid by the factor after collection from the customer. The factor also deducts his associated
costs, commission and service charges before settling the final payment.

2. Non fund/ fee based services: these services are primarily advisory in nature and the financial
institution charges a fee for rendering them.
These include the following:
i. Merchant Banking: Merchant banking refers to giving financial advice and services on the
issues of portfolio construction and portfolio management to the big corporations and rich
individuals. The main activities included in merchant banking service offered by the bank to its
clients are: Issue Management, Payment of Dividend Warrants and Interest Warrants, Refund
Orders; Debenture Trustee; Underwriting function and acting as a Monitoring Agency etc.
Grindlays Bank was the first one to set up Merchant Banking Division in 1969 in India. Then
many other foreign banks followed suit. State Bank of India also started rendering this service
in 1973.

ii. Credit Rating: Credit rating is an evaluation of the credit worthiness of a customer either in
general terms or with respect to a specific debt or financial obligation. A credit rating can be
assigned to an entity that intends to borrow or raise finance/ money and largely includes an
individual, corporate, state or provincial authority, or sovereign government. There are many
credit rating agencies operating both at the national and international level in the country.

In India there are three credit rating agencies namely:

1. CRISIL (Credit Rating Information Services Of India Ltd.)

2. ICRA (Investment Information and Credit Rating Agency of India Ltd.)
3. CARE (Credit Analysis and Research in Equities)

iii. Stock Broking: A stockbroker is a middleman who is a professional individual and is attached
with a brokerage firm or broker-dealer. His main function is to buy and sell stocks and other
securities for both his retail and institutional clients. He performs this activity through a stock
exchange as well as over the counter. His remuneration includes a fee or commission. In order
to give a push to the resource mobilization process in the country stock broking has emerged
as a very important financial service. SEBI is the chief governing body of this financial service.

BY: GOVIND D
BBA 4TH SEM
FINANCIAL SERVICES: IMPORTANCE

(i) It serves as a bridge between saving-surplus and saving-deficits.

(ii) Financial services help in pooling the resources of vast spread population.
(iii) Financial services help to put the pooled resources into productive use.
(iv) Financial services have helped to improve the process of capital formation thereby leading
to economic development.
(v) Financial services bring the other three components of the financial system viz. financial
institutions, financial markets and financial instruments into action and use.
(vi) Financial services cater to the specialized needs of specific customers be they be
individuals, corporate or institutions.
(vii) Development of financial services has led to the growth of modern services as
securitization, factoring etc.
(viii) Financial services help people to manage the money and investments professionally.
(ix) It has led to the replacement of informal financial system.
(x) It offers clients the opportunity to understand their goals and better plan for them.
(xi) Financial services act as a catalyst to economic growth.

MERCHANT BANKING

MEANING:

According to SEBI, Merchant banker means who is engaged in the business of issue management
either by making arrangement regarding selling, buying or subscribing to security manager consultant
advisor or rendering corporate advisory service in relation to such issue management.

OPERATIONS OF FINANCIAL STATEMENT

➢ Under writer: Underwriter is a person or agencies that provides guarantees or commitment to take
up failure of the stock to get subscription for public known as underwriter.

➢ Banker: Banker who engaged in the function of collecting application or money from the investors
and he should repay the application money to applicants to whom security could not be allotted are
called "Banker to an issue".

➢ Broker: Then another functions of merchant banker is acting as intermediary between savers and
investors, such as collecting application, issuing the shares etc.....

➢ Registration: The registrar an issue, as an intermediary in the primary market carry an activities of
• Collecting application from an investor
• Keeping a proper record
• Money receiving
• Money repaying
• Allotment of securities

➢ Debenture trustee: This trustee is the person who are appointed as person to give safeguard the
interest of debenture holder called "Debenture Trustee". He only in-charge for interest of debenture.

➢ Port folio Manager: The person who contact with client in oldest invest and manage or
administrative the various stock and security called portfolio manager. It means investing in different
kind of securities.

BY: GOVIND D
BBA 4TH SEM
 FUNCTIONS OF MERCHANT BANKING

1. Raising Finance for Clients : Merchant Banking helps its clients to raise finance through issue of
shares, debentures, bank loans, etc. It helps its clients to raise finance from the domestic and
international market. This finance is used for starting a new business or project or for modernization
or expansion of the business.

2. Broker in Stock Exchange: Merchant bankers act as brokers in the stock exchange. They buy
and sell shares on behalf of their clients. They conduct research on equity shares. They also advise
their clients about which shares to buy, when to buy, how much to buy and when to sell. Large
brokers, Mutual Funds, Venture capital companies and Investment Banks offer merchant banking
services.

3. Project Management: Merchant bankers help their clients in the many ways. For eg. Advising
about location of a project, preparing a project report, conducting feasibility studies, making a plan
for financing the project, finding out sources of finance, advising about concessions and incentives
from the government.

4. Advice on Expansion and Modernization: Merchant bankers give advice for expansion and
modernization of the business units. They give expert advice on mergers and amalgamations,
acquisition and takeovers, diversification of business, foreign collaborations and joint-ventures,
technology up-gradation, etc.

5. Managing Public Issue of Companies: Merchant bank advice and manage the public issue of
companies.

They provide following services:

i. Advise on the timing of the public issue.
ii. Advise on the size and price of the issue.
iii. Acting as manager to the issue, and helping in accepting applications and allotment of securities.
iv. Help in appointing underwriters and brokers to the issue.
v. Listing of shares on the stock exchange, etc.

6. Handling Government Consent for Industrial Projects :A businessman has to get government
permission for starting of the project. Similarly, a company requires permission for expansion or
modernization activities. For this, many formalities have to be completed. Merchant banks do all
this work for their clients.

7. Special Assistance to Small Companies and Entrepreneurs :Merchant banks advise small
companies about business opportunities, government policies, incentives and concessions
available. It also helps them to take advantage of these opportunities, concessions, etc.

8. Services to Public Sector Units: Merchant banks offer many services to public sector units and
public utilities. They help in raising long-term capital, marketing of securities, foreign collaborations
and arranging long-term finance from term lending institutions.

9. Revival of Sick Industrial Units: Merchant banks help to revive (cure) sick industrial units. It
negotiates with different agencies like banks, term lending institutions, and BIFR (Board for
Industrial and Financial Reconstruction). It also plans and executes the full revival package.

10. Portfolio Management: A merchant bank manages the portfolios (investments) of its clients. This
makes investments safe, liquid and profitable for the chent. It offers expert guidance to its clients
for taking investment decisions.

BY: GOVIND D
BBA 4TH SEM
11. Corporate Restructuring: It includes mergers or acquisitions of existing business units, sale of
existing unit or disinvestment. This requires proper negotiations, preparation of documents and
completion of legal formalities. Merchant bankers offer all these services to their clients.

12. Money Market Operation: Merchant bankers deal with and underwrite short-term money market
instruments, such as:
(i) Government Bonds.
(ii) Certificate of deposit issued by banks and financial institutions.
(iii) Commercial paper issued by large corporate firms.
(iv) Treasury bills issued by the Government (Here in India by RBI).

13. Leasing Services: Merchant bankers also help in leasing services. Lease is a contract between
the lessor and lessee, whereby the lessor allows the use of his specific asset such as equipment
by the lessee for a certain period. The lessor charges a fee called rentals.

14. Management of Interest and Dividend : Merchant bankers help their chents in the management
of interest on debentures / loans, and dividend on shares. They also advise their client about the
timing (interim/yearly) and rate of dividend.

LEASE FINANCE

Leasing as financial service is a contractual arrangement where the owner (lessor) of equipment
transfers the right to use the equipment to the user (lessee) for an agreed period of time in return for a
rental. At the end of the lease period, the asset reverts back to the lessor. A financing arrangement that
provides a firm with the advantage of using an asset without owning it, may be termed as 'leasing".

FEATURES LEASE FINANCE

1. The Parties: Generally there are two parties to a lease agreement. They are: the lessor and
the Jessee. Lessor is a person who conveys to another person (lessee) the right to use an
asset in consideration of a periodical rental payment, under a lease agreement. Lessee is a
person who obtains the right to use the asset from the lessor for a periodical rental payment for
an agreed period of time.

2. The Asset: Leasing is used for financing the use of fixed assets of high value. In India
equipment leasing is very popular. Most common assets that are leased consist of aircraft, plant
and machinery, building, oil drilling machine, normally requiring investments of below 100 lakh.
During the period of the lease, the ownership of the asset rests with the lessor, while the use is
transferred to the lessee.

3. The Term: The term of the lease is called the lease period. It is the period for which the lease
agreement is in operation. On expiry of the lease period, the asset reverts to the lessor as
mentioned in the clause of the contract.

4. The Lease Rentals: Lease rentals constitute the consideration payable by the lessee as
specified in the lease transaction. Rentals are determined to cover such costs as interest on
the lessor's investment, cost of any repairs and maintenance that are part of the lease package,
depreciation on the leased asset and any other service charges in connection with the lease.

BY: GOVIND D
BBA 4TH SEM
ADVANTAGES OF LEASING

To the Lessee: Lease financing has following advantages to the lessee:

(i) Flexibility in structuring of rentals: Leasing is a flexible financing arrangement in the sense
that the lease rentals can be structured to accommodate the cash flow position of the lessee,
making the payment of rentals convenient to him.

(ii) Financing of capital goods: Lease financing enables the lessee to have finance for huge
investments in land, building, plant, machinery, heavy equipments, and so on upto 100 percent,
without requiring any immediate down payment. Thus, this reduces the fixed cost for starting
any business venture.

(iii) Ownership preserved: Leasing provides finance without diluting the ownership or control of
the promoters. Whereas other modes of long term finance like equity capital may dilute the
ownership of the promoters.

(iv) User oriented variants: There are several variants of a lease transaction which are designed
to meet the specific requirements of the lessee, For example, under the upgrade lease, it helps
in hedging the risk of obsolescence. There are also lease which provides all services related to
the usage and maintenance of the assets.

(v) Quick disbursement: Compared to the term loan arrangement, a lease arrangement requires
less paper work and involves a short lead time between the date of submitting the proposal and
the date of disbursement of funds.

(vi) Obsolescence risk: In a lease arrangement, the lessor being the owner bears the risk of
obsolescence and the lessee is always free to replace the asset with latest technology.

(vii) Tax benefits: A lessee can derive tax benefits by structuring the lease rentals properly. If the
lessee is in a tax paying position, the rental may be increased to lower his taxable income.

To the Lessor : A lessor has the following advantages:

(i) Full security: The lessor's interest is fully secured since he is always the owner of the
leased asset and can take repossession of the asset if the asset defaults.

(ii) Tax Benefit: The greatest advantage for the lessor is the tax relief by way of depreciation.
If the lessor is in high tax bracket, he can lease out assets with high depreciation rates and,
thus reduce his tax liability substantially.

(iii) High profitability: The leasing business is highly profitable since the rate of return is more
than what the lessor pays on his borrowings. Also the rate of return is more than in case of
lending finance directly.

BY: GOVIND D
BBA 4TH SEM
 Disadvantages of Lease Financing
The disadvantages from the viewpoint lessee

i. Higher Cost: The lease rental includes a margin for the lessor as also the cost of risk of
obsolescence; it is, thus, regarded as a form of financing at a higher cost.

ii. Risk: Risk of being deprived of the use of assets in case the leasing company winds up.

iii. No Alteration in Asset: Lessee cannot make changes in assets as per his requirement.

iv. Penalties On Termination of Lease: The lessee has to pay penalties in case he has to
terminate the lease before the expiry lease period.

The disadvantages from the viewpoint of lessor

i. High Risk of Obsolescence: The Lessor has to bear the risk of obsolescence as there
are rapid technological changes.
ii. Price Level Changes: In the case of inflation, the prices of an asset rise, but the lease
rentals remain fixed.
iii. Long term Investment: Leasing requires the long term investment in the purchase of
an asset and takes a long time to cover the cost of that asset.

Mutual Funds
Mutual funds are in the form of Trust (usually called Asset Management Company) that
manages the pool of money collected from various investors for investment in various classes
of assets to achieve certain financial goals. We can say that Mutual Fund is trusts which pool
the savings of large number of investors and then reinvests those funds for earning profits and
then distribute the dividend among the investors. In return for such services, Asset
Management Companies charge small fees. Every Mutual Fund / launches different schemes,
each with a specific objective. Investors who share the same objectives invests in that
particular Scheme. Each Mutual Fund Scheme is managed by a Fund Manager with the help
of his team of professionals (One Fund Manage may be managing more than one scheme
also).
Mutual fund is a trust that pools money from a group of investors (sharing common financial
goals) and invest the money thus collected into asset classes that match the stated investment
objectives of the scheme. Since the stated investment objectives of a mutual fund scheme
generally forms the basis for an investor's decision to contribute money to the pool, a mutual
fund can not deviate from its stated objectives at any point of time.

Every Mutual Fund is managed by a fund manager, who using his investment management
skills and necessary research works ensures much better return than what an investor can
manage on his own. The capital appreciation and other incomes earned from these
investments are passed on to the investors (also known as unit holders) in proportion of the
number of units they own.

BY: GOVIND D
BBA 4TH SEM
When an investor subscribes for the units of a mutual fund, he becomes part owner of the assets of the
fund in the same proportion as his contribution amount put up with the corpus (the total amount of the
fund). Mutual Fund investor is also known as a mutual fund shareholder or a unit holder.

Any change in the value of the investments made into capital market instruments (such as shares,
debentures etc) is reflected in the Net Asset Value (NAV) of the scheme. NAV is defined as the market
value of the Mutual Fund scheme's assets net of its liabilities. NAV of a scheme is calculated by dividing
the market value of scheme's assets by the total number of units issued to the investors.

BY: GOVIND D
BBA 4TH SEM